The Chamber of Deputies' Plenum on Wednesday adopted the draft law on the payment of private pensions, the main regulation being that people who opt to withdraw money from Pillar 2 - the mandatory privately administered pillar - will initially receive only 30% of the amount and the rest spread over eight years and, as an exception, patients with oncological diseases can benefit from the entire amount through a single withdrawal.
People who have a fund smaller than the equivalent of 12 monthly social allowances can also receive the entire amount in the form of a single payment.
"A member of a payment fund may receive a maximum of 30% of the value of his personal assets transferred to the payment fund, upon request, only once, in the form of a single payment granted before the start of the payment of monthly pensions. By way of exception, a patient with oncological diseases may receive, upon request, 100% of the value of his personal assets in the form of a single payment. The member's right to receive the equivalent of a maximum of 30% of the value of his personal assets transferred to the payment fund is granted for each individual private pension account held by the member," the draft law states.
The draft law aims to regulate the creation of the legal framework for the authorisation, organisation, operation, supervision and control of private pension providers and private pension payment funds, the approval, operation, supervision and control of credit institutions for the activity of depositing and custodianship of the assets of private pension payment funds, respectively the approval of financial auditors, for the activity carried out as auditor of private pension providers and private pension payment funds.
The draft also provides rules regarding the organisation and operation of the private pension payment system, by establishing the criteria for authorisation and approval of the entities that make up this system, the prudential principles and the operating requirements applicable to these entities, so that the payment of private pensions will be carried out through funds specially established for this purpose, called private pension payment funds.
The project was adopted by the Senate and the Chamber of Deputies is the decision-making body.
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